BlockBeats news, on May 1st, according to CoinDesk, the market has basically been in a range-bound state over the past week, and analysts believe this lays the foundation for a possible strong upward trend.

FxPro's chief market analyst, Alex Kuptsikevich, said: "Prolonged consolidation often accumulates strength for subsequent movements. The next important trigger may be Friday's employment market data."

"Over the past five days, the market has shown very narrow fluctuations and a slight downward trend. However, it has still not been able to break through its 200-day moving average, which is currently at the $3.01 trillion level. If there are global positive developments, the market is expected to break through and may aim for the $3.5 trillion area," Kuptsikevich added, noting that the altcoin market may experience strong volatility.